The Maharashtra Real Estate Regulatory Authority (MahaRERA) issued an order formally allowing developers to come ahead and deregister a real estate project, however, with a few conditions which will have to be fulfilled by the developer.
In the order issued by MahaRERA, it said that under Section 34 of the RERA Act, one of the functions of the Authority (MahaRERA) is to register and regulate real estate projects and real estate agents registered under the Act, and whereas, there are instances where developers who have registered their real estate projects are unable to commence and complete the construction of the same.
The MahaRERA has listed several reasons including lack of funds, projects economically not viable, litigations filed, disputes/family disputes, and changes in planning government/planning authority notifications as reasons for developers wanting to deregister a real estate project.
In such cases, on receiving an application from promoters and on evaluating /scrutiny of the same, MahaRERA may allow for de-registration of such real estate projects, the order issued by MahaRERA said.
The conditions set out by MahaRERA for allowing deregistration include only those real estate projects which have zero allottees (homebuyers). If there are homebuyers, deregistration will be considered only if the rights and claims of these homebuyers are settled by the developer.
